Ah, maybe Mum should have confiscated your $100 and put it in an IRA for you? I am drilling savings into my 5 and 6yr old... they are obsessed with stuffing their piggy banks now instead of spending out of them.
The idea of saving was never instilled in me at a young age. *shakes fist at parents*
Tell me more! Are you giving an allowance? How are you motivating them. My parents NEVER taught me to save and it shows. I desperately want my kids to start learning this concept now (they are 4 and 6). The irony is that my dad was a fantastic saver. My mom was a SAHM and then a stay at home wife, never working. My dad died last spring and he had about $1M in the bank. We were all a bit surprised! Why didn't he instill his own values on me? Tell me your secret Mr. Macinstache. Perhaps this would be a better topic in mini mustachians.
I had started a topic about it, but I think I put it in the "Ask" section instead of the Mini section where it belonged.
I don't do allowances.. chores are expected to be done as being part of the household. We all chip in around here.
First we really limit TV. All the marketing really takes a toll on them, creating "wants" for all sorts of junk. Next, I got my son excited for saving when I took him to the bank to open his own savings account. The have a kids program, free green piggy bank and incentives that they match his savings. This sort of flipped the switch. His little sister now follows his lead, so I need to open her account and get her on board. Going to the bank is an event for us... free balloons, we put in some money and get to use our they change counting machine too.
I give them money just when I feel like it, for doing good deeds, pitching in without asking, good grades, trying new food, etc. It keeps things interesting. Good luck!
